Seagate Technology (NASDAQ:STX) Announces Earnings Results, Beats Expectations By $0.32 EPS

23 Oct 2024, 07:28 by Doug Wharley · The Cerbat Gem

Seagate Technology (NASDAQ:STX – Get Free Report) issued its earnings results on Tuesday. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.32, Briefing.com reports. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The business had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the firm earned ($0.34) EPS. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. Seagate Technology updated its Q2 guidance to $1.65-2.05 EPS and its Q2 2025 guidance to 1.650-2.050 EPS.

Seagate Technology Stock Performance

STX stock opened at $112.64 on Wednesday. The stock’s 50 day simple moving average is $104.92 and its 200 day simple moving average is $99.52. The company has a market cap of $23.71 billion, a P/E ratio of 73.14 and a beta of 1.04. Seagate Technology has a fifty-two week low of $64.12 and a fifty-two week high of $115.32.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be paid a $0.72 dividend. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.56%. Seagate Technology’s dividend payout ratio (DPR) is currently 181.82%.

Insider Buying and Selling at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value of $72,075.00. Following the transaction, the director now directly owns 3,034 shares in the company, valued at $291,567.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the sale, the director now directly owns 3,034 shares of the company’s stock, valued at $291,567.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John Christopher Morris sold 1,131 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the completion of the transaction, the senior vice president now directly owns 7,191 shares in the company, valued at approximately $804,672.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 214,298 shares of company stock valued at $22,814,576. Company insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on STX shares. Morgan Stanley raised their price objective on shares of Seagate Technology from $115.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday, July 24th. Northland Securities boosted their price objective on shares of Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Finally, Wedbush upped their price target on Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $115.94.

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Seagate Technology Company Profile

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